Shore Capital Partners-backed IZI Medical Products, an interventional products platform, acquired the vertebroplasty platform of products from Cook Medical. The products are used to treat vertebral compression fractures through minimally invasive procedure. As part of the acquisition, Michael Shaffer will move from Shore Capital to IZI as its chief financial officer.
Shore Capital Partners, LLC (“Shore Capital” or “Shore”) is pleased to announce that IZI Medical Products, LLC (“IZI Medical” or “IZI”), its interventional products platform, has acquired the vertebroplasty family of products from Cook Medical (“Cook”). The acquired portfolio of products are commercially marketed under the highly regarded Duro-Ject® Osteo-Site®, Osteo-Force® and Vertefix® brands, consisting of needles, injectors and cements. These products are used in the growing market for treating vertebral compression fractures through a minimally invasive procedure.
“Cook has done an excellent job establishing these products as reliable, high-quality solutions for treating vertebral compression fractures and we have enjoyed working with them on this transaction,” said Greg Groenke, Chief Executive Officer, IZI Medical. “We are excited to increase the market penetration of these products through significant investment in a dedicated sales force, international distributor network, select product enhancements, and new product development, such as a unique and broader cement offering. IZI is also excited to be partnering with Dr. Kieran Murphy as part of the acquisition.”
Dr. Murphy is a highly regarded neuro-interventional radiologist who invented the primary needle and subsequently developed much of the vertebroplasty product line commercialized by Cook. Dr. Murphy will serve as a Key Opinion Leader and play an integral role in product development for IZI.
“This is a transformative acquisition for IZI, and is consistent with the strategy we developed when we partnered with Greg Groenke and the management team at IZI a year ago,” said Don Pierce, a Partner of Shore Capital Partners and Chairman of the Board of IZI. “This acquisition is an excellent fit with the broader strategy of building a leading platform serving the interventional radiology and oncology markets. This product family will extend IZI’s international sales reach and increase the depth of its product portfolio.”
Additionally, and concurrent with the product family acquisition, Michael Shaffer will be transitioning from Shore Capital Partners to IZI to serve as its Chief Financial Officer, where he will drive the integration of this acquisition and subsequent investments.
Spinal compression fractures are often caused by osteoporosis, a disease of low bone strength that affects an estimated 10 million Americans, resulting in an estimated 700,000 spinal fracture cases annually that can cause disabling pain, height loss, balance difficulties and a decreased quality of life. In the U.S., approximately 50 percent of women and 25 percent of men over the age of 50 will experience an osteoporosis fracture in their lifetime.
About IZI Medical Products
As a leading innovator, manufacturer, and distributor of quality medical devices, IZI Medical provides the continuity that our healthcare partners need to succeed. Based in Owings Mills, Maryland, just outside Baltimore, IZI is a leading developer, manufacturer, and provider of high quality medical consumable devices used in radiology, radiation therapy and image guided surgery procedures. IZI has built a diverse portfolio of products backed by strong intellectual property and currently sells to more than 1,000 domestic customers as well as internationally across 25 countries.
About Shore Capital
Shore Capital Partners is a Chicago-based private equity firm focused exclusively on microcap healthcare investments. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, fund acquisitions, and generate value to shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant growth potential, including organic and growth through industry consolidation. Shore has approximately $350 million of equity capital under management through various investment vehicles including the recently formed Shore Capital Partners Fund II, L.P. with $190.5 million of capital commitments.